The gold miner ETF of GDX declined for a second consecutive month, to settle -$3.48 (3.8%) to $88.29.
GDX, monthly
Summary
A bounce to $102.39, but resuming lower to settle in the $88s, as the March bearish engulfing candle played out. Monthly momentum weakened for a second month. RSI has cooled to the 64s.
Considering the SPX was +10.4% in April, the miners performed even worse.
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Four of the key miners...
Agnico Eagle Mines (AEM)
Agnico fell for a second month, settling -$14.77 (7,3%) to $188.21. Monthly momentum weakened for a second month. Vol' declined to 44M.
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Newmont (NEM)
Newmont saw a net April gain of +$2.84 (2.6%) to $108.25. The monthly candle is black, and leans bearish for May. Monthly
momentum weakened for a second month. Vol' declined to 168M
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Barrick Mining (B)
Barrick Mining saw a net April decline of -$1.45 (3.5%) to $39.34. Momentum weakened for a second month. Vol' declined to 223M
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Pan American Silver (PAAS)
Pan American Silver saw a net April decline of -$2.34 (4.3%) to $52.29. Momentum weakened for a second month. Volume was cut in half to 95M.
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Of
the four, yours truly favours Newmont. However, gold, silver, and the
miners are short/mid term broken. Based on the monthly candles, even the
bold will leave them alone at this time.
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